TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of seven skilled nursing facilities totaling 564 beds in Central and East Texas. The assets on average were built in 1969 and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire an established skilled nursing portfolio and integrate the facilities into an existing regional portfolio. The buyer was a regional owner-operator. The seller and sales price were not disclosed.
JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures has topped out a six-story, 337-unit multifamily project located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the property will feature studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners include JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Completion is slated for the fourth quarter.
INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has begun leasing the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project that is located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Rents start at $2,440 per month for a one-bedroom apartment.
CALIFORNIA — Capital Funding Group (CFG) has provided $10.9 million in financing, which supported the refinancing of an existing bridge loan, executed by CFG, into a HUD loan. The refinancing is for a 99-bed skilled nursing facility in California. Further details were not disclosed. Capital Funding Group’s Tim Eberhardt and Ava Julio originated the transaction for the company.
SANTA CLARITA, CALIF. — Griffin Living has received $3 million in financing from Hankey Capital. The funds support the company’s acquisition of an assisted living and memory care development site in Santa Clarita, about 35 miles northwest of Los Angeles. The new community will be located at the corner of Camino Del Arte and Copper Hill Drive, in close proximity to a range of high-end retail and dining options. The approved plans by the city will result in capacity for more than 100 residents. Griffin plans to begin construction this year and open the community in 2024.
NEW YORK CITY — Locally based brokerage firms Stav Equities LLC and Invictus Property Advisors have arranged the $3.7 million sale of a multifamily development site at 48 Somers St. in the Bedford-Stuyvesant area of Brooklyn. The site is approved for the construction of a seven-story building that will house 24 apartments, a community center and a retail space. Jacob Stavsky of Stav Equities and Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus, represented both undisclosed parties in the transaction.
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Higher Interest Rates Cause Affordable Housing Values to Return to Old Norms
Rising interest rates dinging commercial real estate and multifamily assets have plunged low-income housing tax credit (LIHTC) properties back into reality, especially those coming to the end of their 15-year compliance periods. “There were some huge profits made in the affordable housing space over the last two or three years,” says Cliff McDaniel, a managing director with Lument, which is representing Harmony Housing in the $1.4 billion sale of its affordable housing portfolio to the Michaels Organization. “We sold a lot of properties for $60,000 a unit or even $120,000 a unit, and the debt was $40,000 a unit. But the mania over that type of profitability is over, and values are going back to where they were before.” Up until about five years ago, the phrase “huge profits” and “affordable housing” would rarely if ever have occurred in the same sentence. Or even in the same story. Prior to that, affordable housing properties typically had very little value at the end of their initial 15-year compliance periods, and limited partners who provided equity to the project by buying tax credits routinely agreed to sell their interest to the general partner for a nominal fee. At that point, the …
FORT WORTH, TEXAS — Dallas-based developer Corsair Ventures will build The Stanley at Chisholm Trail, a 350-unit apartment community in Fort Worth. The site at the corner of Chisholm Trail Parkway and West Risinger Road spans 22 acres and is located on the city’s southwest side. Designed by HEDK Architects, The Stanley at Chisholm Trail will offer studio, one-, two- and three-bedroom units with an average size of 865 square feet. Residences will be furnished with stainless steel appliances, quartz and granite countertops, walk-in closets and private balconies/patios. Amenities will include a pool, fitness center, coworking lounge, game area, pet spa and a package delivery system. Construction is slated to begin in the first quarter of 2024, and leasing will commence in the second quarter of 2025.
SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos., Opportunity Home San Antonio and Bank of America has completed Vista at Interpark, a 64-unit affordable housing project in San Antonio. Vista at Interpark is located near San Antonio International Airport on the city’s north side and houses one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a fitness center, business center and onsite laundry facilities. Rents start at $225 per month for a one-bedroom apartment.
ONTARIO, CALIF. — R.D. Olson Construction has broken ground on the Emporia Housing development in the Inland Empire city of Ontario. The 50-unit affordable housing complex is scheduled for completion by mid-summer 2024. Located at 310 W. Emporia St. in a semi-residential neighborhood, the $17.8 million, 60,000-square-foot project will be the second phase of the development, with Phase I already completed. The new buildings are slated to be two and three stories in height. R.D. Olson partnered with Danielian Associates Architects on the project.